The national governing body for figure skating in the United States, US Figure Skating, has announced plans to allow donations in Bitcoin and other cryptocurrencies. The move marks another major endorsement of cryptocurrencies in the US.
US Figure Skating adopts crypto
To make crypto donations possible, the body has partnered with Engiven, an enterprise-level donation platform, to start accepting donations and gifts in cryptocurrencies. The firm initially announced its plans to integrate cryptocurrency donations in September 2021.
According to an announcement issued on Tuesday, the feature allowing crypto donations will be unveiled on the website of US Figure Skating. The cryptocurrency donations will feature some of the leading crypto-assets such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other stablecoins such as Pax Gold (PAXG) and USD Coin (USDC).
The announcement on the website added that the “US Figure Skating now allows gifts of cryptocurrency for any of its major funds. Gifts of cryptocurrency are eligible for tax relief and can help US Figure Skating to create programming for athletes.”
The announcement further adds that Engiven will support the automatic conversion of the donated cryptocurrencies into USD. This will protect the donations from suffering the adverse effects of market volatility. After conversion, these funds will be immediately transferred to US Figure Skating.
“US Figure Skating is the first national governing body in the US that will accept gifts in multiple cryptocurrencies,” the announcement added.
Leaning towards innovation
The executive director, Ramsey Baker, added that the launch of the donation options aligns with the vision of the association to embrace new and innovative technologies. This will allow it to have better funding the athletes, clubs, programs and initiatives under its wing.
“Allowing our supporters to give to US Figure Skating using cryptocurrency makes sense in today’s quickly changing financial marketplace,” the announcement added. Baker noted that the association would continue expanding to more avenues to attract new and current donors to the organization. Increased donations would support athletes and other programs that will serve members of the association.
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